Gina Rinehart makes ‘significant investment’ in Elon Musk’s SpaceX
Summary
Gina Rinehart’s company, Hancock Prospecting, made a large investment in Elon Musk’s SpaceX as the company started trading on the stock market. SpaceX raised $75 billion in its initial public offering and is now valued at $2.1 trillion.Key Facts
- Hancock Prospecting bought shares in SpaceX during its initial public offering (IPO).
- The investment amount was reportedly at least A$1.4 billion (around US$1 billion), though not officially confirmed.
- SpaceX raised $75 billion from its IPO and has a market value of $2.1 trillion after its first day of trading.
- SpaceX plans include launching up to 1 million data centers in space and creating colonies on the moon and Mars.
- The company currently operates at a loss and may never make a profit, according to its investor prospectus.
- Hancock Prospecting is interested in working on AI infrastructure with SpaceX and could supply critical minerals for its technology.
- SpaceX’s CEO Elon Musk owns the majority of shares and became the world's first trillionaire after the IPO.
- SpaceX is now the eighth-largest company listed on Nasdaq, bigger than Tesla and Meta.
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